Featured Book

Recession-Proof Real Estate Investing

This easy-to-follow guide will show you how to make money during all of the market’s twists and turns! Accomplished investor J Scott dives into the theory of economic cycles and the real-world strategies for harnessing them to your advantage.

from Loveland, CO

replied about 14 years ago

No doubt about it; flipping!

For the past few years I've been a cash buyer and then flipping with seller financing. With low enough down payments people aren't buying the PROPERTY, they're buying the FINANCING. A buddy of mine says I should hang out a sign like the low rent used car lots that say "I tote the note".

from Loveland, CO

replied almost 14 years ago

Wow, you must live in a place with low property taxes and insurance companies that love you!

Remember, landlording is a BUSINESS. Operate it as such. Rent is DUE ON THE FIRST, it's delinqent on the SECOND, not on the 15th! Inspect the property to make sure none of the tenants are operating a business, daycare, beauty shop, auto repair, MARIJUANA GROWING or others.

Make sure that you are credited at closing for the amount of ALL SECURITY DEPOSITS. Review the leases before closing. Make sure you're not stuck with below market tenants on long-term leases.

I could go on, I usually do! Read all the old posts here. Read a couple of books on landlording, learn how to do repairs, learn the landlord/tenant part of your state's real estate law.

Real Estate Investor from New Orleans, Louisiana

Free eBook from BiggerPockets!

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!